The global veterinary oncology market size is expected to reach USD 447.0 million by 2027, expanding at a CAGR of 10.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of cancer in pets and demand for veterinary diagnostics are projected to drive the market over the forecast period.

Adoption of canine cancer registry globally to estimate cancer incidences is another driving factor for the market growth. According to frontiers in Veterinary Science in February 2019, the Swiss Canine Cancer Registry (SCCR) was used as a data source and was compiled for future comparative studies of canine and human cancers. This database is further helpful in mitigating the incidence of malignant tumors in the human population, thereby driving the market growth.

Researchers carrying out studies focused on veterinary oncology are further boosting the veterinary oncology market growth. For instance, University of Illinois in August 2017, carried out study that involves more precise detection of metastasis (spread of cancer through the body) for head and neck tumors in dogs. Moreover, the market players are also focusing on new product innovation and strategic collaborations. For instance, in 2018 AdvaVet, a subsidiary of Oasmia Pharmaceutical AB, developed XR17 technology, which is nanoparticle formulation based that makes a single Active Pharmaceutical Ingredient (API) or multiple APIs water soluble. It is a combination therapy and is also a standard treatment for a number of cancer diseases in pet animals.

Further key findings from the report suggest:

Increasing prevalence of cancer in animals, clinical trial studies to evaluate safety and effectiveness of cancer therapeutics, and technological advancements in veterinary oncology treatment are anticipated to create growth opportunities in the market

The chemotherapy segment is anticipated to account for the largest revenue share over the coming years owing to its increasing adoption either alone or in combination with other therapies

The canine segment held the largest revenue in 2019 owing to increasing population of dogs and high prevalence of cancer in dogs as compared to cats

Lymphoma dominated the market among other cancer types in 2019, due to high mortality rate in companion animals

North America held the dominant share of the veterinary oncology market in 2019, due to favorable government policies, new product launches, and huge investment in oncology treatment

Asia Pacific is anticipated to witness lucrative growth due to increasing focus on animal health and expenditure, increasing number of pets being exposed to cancer, and government focus on animal safety and initiatives to curb cancer in pet animals